On November 18, the U.S. House of Representatives narrowly passed the single-largest spending bill in American history: President Biden’s Build Back Better Act.
Now, the only thing standing between Build Back Better becoming the law of the land is the U.S. Senate, but more specifically, Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ).
As of now, both Manchin and Sinema have expressed their misgivings about voting in favor of Build Back Better.
“By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse,” Manchin recently stated. “From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”
Manchin, unlike those in the Biden administration bubble, has his finger on the pulse of the American people.
Moreover, Manchin understands that Biden’s Build Back Better boondoggle would increase inflation while simultaneously reducing employment.
Hence, Manchin is well aware that if the Build Back Better bill is signed into law by Biden, Americans should prepare for a second stretch of Jimmy Carteresque stagflation.
The likelihood that Build Back Better would usher in an unwelcome bout of stagflation